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FTSE closes up after seesaw afternoon

Sterling weakness helped the FTSE 100 to close higher ahead of the Bank Holiday weekend. By the end of trading on Friday the index was up 0.18% at 7,730.28.

The second estimate of UK GDP for the first quarter confirmed the worst three-month performance in five years.

Deliveries firm Royal Mail (RMG) was down 2.7% to 530.8p, as investment bank Berenberg cuts its recommendation from 'hold' to 'sell' with a 460p price target.

LARGE AND MID CAP RISERS AND FALLERS

Pharmaceutical giant AstraZeneca (AZN) said the phase III Pacific trial of its lung cancer treatment showed positive overall survival results in lung cancer patients whose disease had not progressed following chemotherapy and radiation. The shares were up 1.1% to £54.86.

Sports betting and gaming group GVC (GVC) reported total group net gaming revenue rose 7% in the first 20 weeks of the year but warned that a recent regulatory change would weigh on future earnings. The uptick in net gaming revenue (NGR) - the amount gained in stakes minus payouts - was supported by strong performance in online revenue. The shares were up 4.3% to £10.25.

Centamin (CEY) slumped 18.1% to 130.5p as it lowered its production guidance for 2018 following persisting low grades in the open pit and lower development grades from underground production at its Sukari gold mine.

Energy utility SSE (SSE) ticked up 0.8% to £14.26 despite announcing a 39% fall in annual profit after it incurred costs upgrading its network business and lost retail customers.

The company lifted its dividend by 3.7% to 94.7p and forecast it to rise again in the current financial year, by 3% to 97.5p.

However, in the 2019/2020 financial year it forecasts the dividend to fall to 80p share then rise in subsequent years in line with retail price index inflation.

Pre-tax profit rose 25% to £262.9m, as revenue rose 2.9% to £1.39bn. On an underlying basis, pre-tax profit rose 3.5% to £258.8m. The shares were up 7.5% to 785p. Water provider peer Severn Trent (SVT) gained 2.8% to £20.89.

SMALL CAP RISERS AND FALLERS

Medical technology minnow Surgical Innovations (SUN:AIM) falls 12.3% to 3.2p as it reports delays in the supply of products for its distribution business. This is expected to hit revenue in the current financial year by around 10%.

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